My parents were a little unconventional. When our neighbours bought a new TV, they preferred to take us on vacation. On every trip to Delhi, my father brought back books for me. It was always something not-so-materialistic from society’s point of view. We hardly understood the difference as there was no other way for us. But when we took our big step into the real world, we realised the importance of - reading books over watching movies, vacations over the second TV in our home and investing on experiences over accumulating the bank balance. My parents prepared us to take charge of our lives. I feel, they did a remarkable job.
My parents were financially prepared too. They planned well to support our education. They saved and invested for both me and my brother. However, there were a few instances which acted as a learning lesson for them. Their planning had a few shortcomings. They were ready for College fees but never thought of money for coaching classes, which was a huge amount. It was not their fault, the world is fast changing and it’s nearly impossible to predict the cost of education back in the 90s. They learnt. When my brother told them he wanted to study abroad, they did all their homework and planned to every single expense. They had no hiccups financing my brother’s education in the US. These days competition is tougher as compared to what it was a decade ago. Children need to be prepared to face the challenges and so does parents. No wonder, many parents start planning the moment a child is born. It has become a modern day necessity.
When I look at parents of our generation, I feel that most of them have embraced the off-beaten path. They are willing to spend money on activities which were once considered extravagant or non-relevant. Now, a dance class is as important as Maths tuition for a child’s development. However, there is still a long way to go for parents, as children these days are more aware and decisive. Watch this interesting #DoYourHomeWork campaign video, where parents were asked to draw what profession their children would choose, and children were asked simultaneously to draw what they want to be. You will be surprised to see the difference.
All this got me thinking - how difficult it is for parents these days? They need to be supportive on all fronts. They have to be there for their children - physically, emotionally and financially. So, to all the young parents out there - are your prepared? Have you done your homework?
Taking a cue from aspirations of these young kids, ask your child about his dreams and start investing for it. Don’t leave any details. Use The Homework App - an app which calculates how much money parents would need to fund their child’s dream. Not only this app helps in calculating the fees of your child’s education, it highlights the other expenses, based on your child’s requirement. So, if your child wants to pursue MS from Stanford, this app helps you calculate the living expenses along with tuition fees. I wish, my parents had this app while planning for my brother’s education.
Be future ready to give concrete shape to your child’s dream. Be ready so you can enjoy and be a part of his golden years, and not worry about money. Click and take a step forward in this direction.